Bitcoin hit an intraday high of $75,000 in the past 24 hours, triggering the liquidation of over $530 million in leveraged derivatives positions. According to CoinGlass, roughly 80% of the liquidations came from short positions on Bitcoin and Ethereum, affecting more than 177,000 traders. Ethereum rose 7.5%, breaking above $2,380 for the first time since early February.
US-Iran Talks Boost Risk Appetite
Jeff Mei, COO of digital asset exchange BTSE, linked the rally to expectations of a US-Iran agreement. After the US increased its military presence in the Gulf of Oman, President Trump signaled Tehran's openness to negotiations. Iran's oil-dependent economy would suffer from prolonged regional instability, making a deal likely—markets are pricing that in.
Valerius Labs cautioned that the move may be driven more by short covering than sustained bullish momentum. The firm stressed that prices need to hold above the 200-day moving average for a genuine trend reversal.
Tom Lee Sees Ethereum at $60,000 in Medium Term
At Paris Blockchain Week, Tom Lee, chairman of Bitmine Immersion Technologies, called the recent correction a “mini crypto winter.” He highlighted Ethereum's structural strength and projected the asset could eventually reach $60,000 within a few years, driven by institutional adoption and AI advancements.
Bitmine reported a quarterly net loss of $3.82 billion, largely from unrealized losses on its Ethereum holdings—bought at an average price of $3,660 versus the current $2,327. Despite that, the firm added 71,524 ETH on Monday, boosting its total to 4.6 million ETH, now over 4% of all Ether in circulation.
Peter Brandt: Bitcoin Won’t Hit $200K Before Q3 2029
Veteran trader Peter Brandt, in a late-2025 analysis, argued Bitcoin is unlikely to reach $200,000 until the third quarter of 2029. He noted that past bull cycles saw corrections of 74% to 86%, and that recent drawdowns have set up a healthier market. Brandt still holds 40% of his portfolio in Bitcoin.
Elizabeth Warren Targets X Money’s Stablecoin Integration
Senator Elizabeth Warren sent a letter to Elon Musk’s X platform, raising concerns over its upcoming X Money payment system, which may incorporate stablecoins and crypto. She questioned compliance with the GENIUS Act (signed into law in 2025) and the partnership with Cross River Bank. Warren also called the advertised 6% deposit yield unrealistic, given the Fed's target rate. The FDIC has clarified that stablecoin deposits under the GENIUS Act are not insured. Experts see Warren's move as a signal that similar tech-driven stablecoin projects may face congressional scrutiny.